New Yahoo poll shows that Brits overwhelmingly favour stores being obliged to accept physical cash
Almost 6,000 people have responded to a cash related Yahoo survey, with 95% saying they believed UK stores should be obliged to accept notes and coins.
In a online post, Yahoo noted that the debate over whether people should still be able to use cash in stores and businesses is continuing as a committee of MPs called for evidence on whether new rules are needed to make it mandatory to accept physical money.
It added that the use of cash in the UK has declined over the past decade, with industry data showing it was used in just 12% of transactions in 2023. The number of people who don't carry cash has trebled since 2019, according to research by ATM network LINK, despite 71% of people still relying on it to some extent on a daily basis.
There are currently no regulations which require businesses to accept cash, which the aforementioned Treasury committee suggests could be a problem for some institutions and vulnerable people.
Setting out a new inquiry into the issue, the committee points to research suggesting that cash "can provide a vital lifeline to groups such as those with long term poor health or people at risk of economic abuse".
It says the Bank of England has "noted that the decline in cash usage is increasing the infrastructure costs of retaining physical cash as a viable payment method, which could lead to disruption for businesses and consumers".
2024 RTIH INNOVATION AWARDS
Payments is a key focus area for the sixth edition of the RTIH Innovation Awards, which are now closed for entries.
The awards, sponsored by Vista Technology Support, Scala, CADS, 3D Cloud, Brightpearl by Sage’s Lightning 50, Business France, and Retail Technology Show 2025, celebrate global tech innovation in a fast moving omnichannel world.
Key 2024 dates
Friday, 25th October: Award entry deadline
Tuesday, 29th October: 2024 shortlist revealed
30th October-6th November: Judging days
Thursday, 21st November: Winners announced at the 2024 RTIH Innovation Awards ceremony, to be held at RIBA’s 66 Portland Place HQ in Central London.
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